Ep 138: All About 529 College Savings Plans

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Investing, Business

4.7 • 1.5K Ratings

🗓️ 5 December 2018

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Earlier this year, America's student debt hit 1.5 trillion dollars — and guess who holds most of it? Yep, us ladies. We hold nearly two-thirds of all student loan debt in the United States. To bring it closer to home, the average graduate walked off campus with around $39,400 last year, which is up six percent from 2016. It's trending up, so what can we do for ourselves and our loved ones to lower the cost? One (big) option: 529 college savings plans. We have Abby Chao, co-founder and COO of CollegeBacker, to talk us through what they are, how they work and how you can easily get your loved ones on board. In Mailbag, we answer your questions on retirement planning for when you're out of work, credit cards for new adults and how to go from joint accounts to yours, mine and ours. In Thrive, HerMoney reporter Kathryn shares her coverage on the increase in workplace demotions. We discuss what to do and how to handle them. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to an airwave media podcast.
0:04.0	Her money is brought to you by Fidelity Investments.
0:13.7	We're committed to sparking important conversations about money and inspiring you to always
0:18.6	be in the financial front seat.
0:20.6	Learn more at Fidelity.com
0:23.0	front seat.
0:24.0	Her money comes to you through PRX. Hey everybody it's it's Jean Chatsky and I'm going to start this show with some
0:41.7	numbers that I don't particularly like. Earlier this year
0:45.8	we know that the total outstanding student debt hit 1.5 trillion dollars. That's trillion with a T and guess who has most of it? Yes, women.
0:59.0	According to a report from the American Association of University Women. Women hold nearly two-thirds
1:05.2	of all the student debt in the United States.
1:08.8	It doesn't get better. The average 2017 graduate walked off campus with debt of about $39,000 according to Student Loan Hero.
1:20.0	That is up 6% from 2016. The numbers just keep getting higher and the questions that we find
1:30.0	ourselves at the Hermoni team asking over and over again is what can we do about this?
1:37.0	What can we do for ourselves?
1:39.2	What can we do for the people that we love?
1:41.7	What can we do for our kids and our grandkids to lower the cost.
1:47.4	We've got Abby Chow with us.
1:49.2	Abby is here via Skype to talk about college saving strategies.
1:54.5	Abby is the co-founder and CEO of College Backer,
1:58.5	which is an online service that enables families to come together to make contributions
2:06.8	toward college.
	...

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